Is Panama, IL 62077 a buyer’s or seller’s market?
Panama is a balanced market. With about null months of supply, well-priced homes can still draw more than one offer, but buyers have some room to negotiate.
The Panama housing market right now
In the three months ending August 31, 2026, 50% of homes in Panama, IL 62077 sold above their list price and the typical home went under contract in 26 days. With only 2 sales, these figures can swing a lot from month to month.
Compared with the same period a year earlier, the share selling over asking rose from 0%, homes sold faster (36 days then) and the median sale price rose 35% to $71,099. Overall, Panama is more competitive than a year ago, so tougher for buyers.
Within Montgomery County, homes here sell faster than in 78% of the county’s ZIP codes, and sell more often over asking than in 89%.
Nearby, buyers who want less competition could look at Raymond 62560 (0% sold over asking) or Harvel 62538 (0% sold over asking), while Coffeen 62017 (100% sold over asking) is even more competitive.
Run the numbers for 62077
Nearby markets
Coffeen 62017 $136 /sq ftFarmersville 62533 — /sq ftHarvel 62538Buyer’s market — /sq ftHillsboro 62049Seller’s market $96 /sq ft Browse all markets →Where Panama is
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Questions about Panama real estate
How fast do homes sell in Panama?
The typical home went under contract in 26 days in the latest three months.
Do homes in Panama sell over asking?
50% of homes sold above their original list price, and the typical sale closed at 101.5% of the list price.
What are property taxes in Panama?
About 1.68% of a home’s value a year in Montgomery County, or roughly $6,720 on a $400,000 home.
What is the median home price in Panama?
The median sale price was $71,099 in the three months ending August 31, 2026, about $66 per square foot.
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More tools for 62077
Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology